Jonathan Morgan
Independent Analyst
- Uniswap price experienced a massive, 46% gain from the September 26th swing low at $18.00 to hit $26.00
- Buyers have struggled to push Uniswap higher but have maintained the majority of those gains.
- Volatility and indecision persist as price action remains in the Ichimoku Cloud.
Uniswap price has outperformed the majority of its peers over the past week. While many altcoins have experienced temporary spikes, almost all have resulted in nearly 100% retracements – Uniswap is an exception. However, a return to the prior swing low at $18.00 is likely.
Uniswap price struggles to hold above Kijun-Sen, final Ichimoku support below at $22.74
Uniswap price faces continued near-term resistance against the Kijun-Sen, currently at $24.12. The Kijun-Sen was first tested as resistance on September 26th when Uniswap pumped as much as 39% that day. Every since September 26th, the Kijun-Sen has restricted and further and sustained move higher.
The near-term support for Uniswap price is the bottom of the Cloud (Senkou Span B) at $22.58. Senkou Span B is the most robust support/resistance level within the Ichimoku system. The strength of the Senkou Span B is exacerbated by any period of extended flat conditions. Therefore, it is challenging for sellers to push price below and then close below Senkou Span B.
UNI/USDT Daily Ichimoku Chart
Any daily close of Uniswap price below Senkou Span B will mean a swift return to test the prior swing low at the 61.8% Fibonacci expansion at $18.00. After that, however, bulls could easily take control.
Buyers will want to watch for conditions that favor an Ideal Bullish Breakout setup. The Ideal Bullish Breakout setup could be confirmed if bulls close Uniswap price above the Cloud and the Chikou Span above the candlesticks. The threshold for this to occur is a close at $29.53 between today and October 3rd or $27.53 on October 11th.
Like this article? Help us with some feedback by answering this survey:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.